27th Jul 2015 08:27
LONDON (Alliance News) - XP Power Ltd Monday said its pretax profit rose in the first half of 2015 as sales increased, leading the company to increase its interim dividend.
The developer and manufacturer of critical power control components for the electronics industry reported a GBP12.6 million pretax profit for the first half of 2015, rising from a GBP12.2 million profit a year earlier as revenue climbed to GBP53.9 million from GBP50.2 million.
Revenue from the sale of its own-designed products rose 10% in the period whilst revenue from ultra-high efficiency Green XP Power products were up 29% year-on-year.
"The group has had an encouraging first half. Our reported orders, revenues and profit before tax for the first six months of 2015 all set new records and this strong result was achieved while simultaneously expanding our engineering and sales resources to help drive future growth," said Chairman James Peters.
"We should be able to continue to grow revenues in the second half of 2015 as designs won in
2014 and prior years enter their production phase," he added.
XP Power upped its interim dividend to 27.0 pence per share from 25.0 pence per share last year.
"Our balance sheet position is strong which places us in an excellent position to make further acquisitions to further broaden our product offering and engineering capabilities," said the company.
XP Power shares were up 0.6% to 1,611.75 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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